Over the past few years, Toronto has seen a rapid increase in the number of multi generational homes within the city. Now more than ever, we are beginning to see more and more young people choosing to move in with their parents and start families of their own. And with inflation and interest rates on the rise, multigenerational living may be the smartest choice for millennials and Gen Z.
Nick’s Developments is a leading custom home builder that can cater to the needs of these unique homes. We understand the types of challenges that multigenerational housing can pose for families which is why we offer our own personalized solutions. We provide home renovations, custom homes and home additions to build a multigenerational home that suits your every need.
To help you better understand the process behind building these homes, we’ve shared an in-depth look at multigenerational homes and how you and your family might benefit from it.
What is Multigenerational Living?
In multigenerational homes, there are typically two or more generations that live under a single roof. You can, however, create separate living quarters for each family to create some privacy. Many families are choosing to live together for multiple reasons including inflation, the rising cost of living and caregiving needs.
Many years ago, it was common to see grandparents living with their family to help with chores and assist with childcare. In more recent years, there has been a growing trend in multigenerational housing. Shortly after the COVID-19 pandemic, more and more families chose to stick together and are seeing the benefits of doing so.
Pros and Cons of Multigenerational Living
Living with your family members can be a great opportunity to create stronger relationships between children and grandparents and there are more people to help around the house. But living with other people has its downfalls.
Shared expenses among family members – living with family allows you to share the expenses of living in the home including mortgage payments, groceries, utilities and any other bills.
Access to child and adult care – if you have children of your own, the biggest benefit of living with your parents is having them watch the kids while you do your errands. The cost of daycare is steadily increasing so that will help you to save some money in the long run. The same goes for someone being around to care for your aging parents. Multigenerational housing allows you to keep an eye on your parents and assist them with their to day-to-day activities.
Distributing household chores – cleaning around the house is much easier with more helping hands. You can split up the chores within the home including everything from laundry, dishes, shoveling the driveway, and more.
Improved relationships – when parents, grandparents and children able to live under one roof, it creates a stronger bond between everyone in the home. It also gives family the opportunity to help each other out and provide a much needed support network during more difficult times.
Less privacy – many of the common areas in multi generational homes like the living room, kitchen and dining room are meant to be shared between families. This can result in less privacy for some individuals.
Potential for family conflicts – living in close quarters with your family also means there are more opportunities for conflict. If you and your parents have a difference in opinions, it can be tough to navigate while you live in the same home.
Toronto Housing Crisis
The city of Toronto has been the epicentre of unaffordable housing for a few years now. The housing crisis in Toronto has seen the prices of homes and rentals in the city skyrocketing, and it’s been especially difficult for those that belong to the millennial and Gen Z category. Unfortunately, the dream of home ownership in the city has been slowly fading away for some young people.
In June 2022, the polling firm Leger conducted a survey on behalf of Royal LePage and interviewed 2,003 millennials to find out their outlook on owning a home. Only 22 percent believe they could own a home in Toronto in their lifetime while approximately 37 percent said they will need to move elsewhere to become a homeowner.
Pursing remote work on a full-time basis has become the ultimate goal for most millennials in Toronto. However, this isn’t a viable solution for everyone living in Ontario. A growing number of people are choosing to move back in with their parents in an effort to save some money. Multi-generational housing has helped to create a more sustainable future household for many families.
The Rise of Multigenerational Homes in Toronto
There has been a steady incline of inter generational homes within the city of Toronto. According to Statistics Canada’s 2021 Census, there were roughly 442,000 homes with multiple generations in Canada. The same census data showed that in the last 20 years, this number has grown by 45 per cent.
Many families in Toronto are choosing this living arrangement to combat the rising cost of living in the city. With multiple members of the family pitching in to cover the expenses, there is much less of a financial burden on each person.
In many cultures, living with extended family members is the norm. It’s beneficial for everyone in the home since there are more people to watch the kids, there is more help to take care of the house and it creates a stronger bond with everyone in the home.
A home with multiple generations is also great for aging parents. This way, both families can still maintain some privacy, but you can help watch over your parents and take them to their medical appointments and running errands.
Designing for Multigenerational Living with Nick’s Developments
Nick’s Developments has the ultimate solution for the Toronto housing crisis. We can help you build a stunning home for every generation to live in. Designing a home with you in mind, we’ll provide a better and more sustainable household for residents in Toronto and throughout the GTA.
These are the types of homes we can build for you:
Our team of designers will address your diverse needs and ensure you have a space that works for everyone in the home with separate entrances and a door that connects both units.
Is your home running out of room for your growing family? The needs of families in multigenerational homes are complex, especially if that includes a set of aging parents.
At Nick’s Developments, our team is ready to build the ideal home addition for you and your family. When you have people of multiple generations living under a single roof, the current layout of your home may not work any longer. Our home additions can add extra rooms or expand the current living areas of your home.
The types of home additions we complete include:
Top of garage addition
Front or back home extension
Are you ready to completely transform your existing home? The team at Nick’s Developments has the expertise needed to adapt your current home for multigenerational living. We understand that living with multiple family members and intergenerational homes has its own challenges. That’s why we offer specific modifications so you can feel more comfortable in your home. We can expand common areas and shared spaces in addition to making the necessary changes for improved accessibility in the home.
Choose from our selection of renovation services, including:
Tailor your luxury custom home with Nick’s Developments. Experience the difference when you work with our award-winning team. No one understands the needs of multigenerational housing like we do. With 14+ years of experience in building custom homes, you can be sure that we have the perfect solution for you and your family.
A 5-year warranty is included with every project we complete. This covers everything from defective materials to workmanship. Your complete satisfaction is important to us, so if you run into any issues within this time period, we promise to fix that for you.
All our team members are licensed and insured. We have $5 million in liability insurance and we guarantee that our tradesmen are registered under WSIB.
In addition, we ensure that all the materials used to build your custom home are high-quality and long-lasting. We want your custom home to be passed down from one generation to another, and we know that starts with us. Our unique solutions cater to the specific needs of intergenerational homes. These include:
Additional Space and Creating More Units
A second floor addition is an excellent way to create more space in your home. This also helps to provide some separation and establish some privacy between family members. Converting your basement into a basement apartment can provide aging parents to live in the same home, but still maintain some independence.
New layout with custom home service
You may run into a lot of issues trying to renovate or build a home addition in your current home. Creating a brand new layout with a custom home may be the best option. You have the freedom to personalize your home according to the needs of everyone living in the home.
Unconventional Solution for Future Generations
The housing crisis in Toronto shows no signs of slowing down, but the rise of multigenerational living may provide an alternative solution to this problem. Nick’s Developments is at the forefront of this growing trend. Our team is here to help you create a more functional and comfortable living space for you and your entire family.